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CNBC
Sep 13, 2012 7:00pm EDT
with the united states to overturn gadhafi and police libya these last years but opened relationships with al qaeda and the darkest elements of the jihadists. there's suggestion ambassador stevens was murdered in revenge for the death of a libyan hero to the al qaeda forces al-libbi killed by a drone strike june 4th. >> john, what you're saying is round up the usual suspect, you're saying they have not really caught the perpetrators who killed ambassador stevens? >> the perpetrators are al qaeda and the jihadists of the uma. it's a vast organization. >> thank you for that. let me go to paul wulff wits, former deputy secretary of defense. thank you for coming back on the program. what's your take on this? president obama said no act of terror will go unpunished. he said we're going to bring them all to justice. what happens now? how do we bring them all to justice? >> clearly, we're talking about libya, it will happen with the cooperation of the libyans. one of the important things to put in context here, it's almost lost in everything i've heard is back in july the libyans had a pretty fair e
CNBC
Sep 26, 2012 4:00pm EDT
rising home prices. all these are more important to the united states than what's going on in europe. >> mark, how do you see it? you invested in europe these days or no? >> a little bit, maria. you know, i guess the thing i would say about europe and soon to watch on our shores is you're going to pay more and get less. i look forward to the dislocation between price and value. i think there are a few opportunities in europe selectively. a company we own called securitas, which is a man-guarded service. it trades for about 50 krona. we think it's worth 72. we get about a 6% dividend yield. there's an example where you can find opportunity. >> everybody's looking for yield in an environment where we can't find any. rick, what are you seeing there today? >> you had a great point. everybody's looking for yields, so everybody needs to take more risk. that's the plan. the problem is, when you take more risk to get more reward, you have more risk. you know, take the word austerity and throw it out. use the word reform. one guest just said central bankers are doing all the heavy lifting. be
CNBC
Sep 26, 2012 7:00pm EDT
for the united states coming on and misleading the public. basically we have sent a letter to ambassador rice to explain herself. >> you know, there's a story out today, i didn't know if you saw it, senator, but the story essentially was that the united states government within 24 hours knew it was a pre-planned terrorist attack. your thought on that. because that indicts rice and whomever else was in this cover-up even more. >> that's right. ambassador rice came on the sunday morning programs and said that, in fact, it was a spontaneous reaction of course to the video. and in no way was an expression of hostility toward america. and you have to say killing four american heroes, quite honestly, attacking our consulate, if that's not hostility toward america, i don't know what it is. so, no, i think it's pretty apparent that the administration must have known, had information, and ambassador rice was sent out on the sunday programs to mislead the american public. i find that outrageous, and i think she needs to explain herself and explain herself fast. we should also call for an investigation.
CNBC
Sep 13, 2012 6:00am EDT
to building bridges between the united states and the arab and muslim world, particularly libya. and i think this is going to sour a lot of americans about the future trajectory of the middle east, about the direction in which the arab spring is headed. and i think particularly this is tragic for syrians. syrians who are now under siege or around 20,000 syrians have been killed by the regime of assad and i think many syrians were hoping for an outside intervention or outside aid to provide some type of save zones. and i think the reality is that after the united states and nato had gone into libya it oust gadhafi, i think there will be far less appetite to want on do anything in syria. >> probably also raises huge questions about money from america that is going to fund some of these governments particularly in egypt where it's $1.5 billion plus another billion that was being put together in a package right now. how do you think that plays out in congress at this point? >> that's absolutely right. egypt is a country which has i think the second or third largest aid package from the united st
CNBC
Sep 6, 2012 10:00pm EDT
of our two girls and the president of the united states of america, barack obama. ♪ >> thank you! thank you! >> thank you! thank you so much. thank you. thank you so much. thank you. thank you very much, everybody. thank you. michelle, i love you so much. a few nights ago, everybody was reminds just what a lucky man i am. malia and sasha, we are so proud of you. and yes, you do have to go to school in the morning. and joe biden, thank you for being the very best vice president i could have ever hoped for and being a strong and loyal friend. madam chairwoman, delegates, i accept your nomination for president of the united states. now, the first time i addressed this convention in 2004, i was a younger man. a senate candidate from illinois who spoke about hope. not blind optimism, not wishful thinking, but hope in the face of difficulty. hope in the face of uncertainty. that dogged faith in the future which has pushed this nation forward even when the odds are great. even when the road is long. eight years later, that hope has been tested. by the cost of war, by one of the worst economic
CNBC
Sep 18, 2012 7:00pm EDT
of the united states. i would also like to see mitt romney reach out to these people these 47% that he's been talking about. whom he disparaged in these remarks and make it plain that these policies are in their benefit. that by creating more incentives. by moving the country away from it's dependdency -- >> wait, we are going to come back. give everybody an opportunity. reach out for everybody. what is your take? >> you call this a dirty trick. using somebody else's own words is a dirty trick. >> they have had it since last may. that is the thing. and now the other side by the way is going to use another dirty trick because they have this type of obama saying i'm a redistributionist. >> those are his own words. he said it. don't deknny it. if robert costa is right. that means he hasn't had a good week since may. >> he may be in trouble but polls have romney neck in neck, a deed even race with obama. what is your take? >> my take is on the video, this was a chance to refocus the campaign on the right issue whose got the program that is going to build the economy and create jobs and growth not
CNBC
Sep 12, 2012 7:00pm EDT
of the president of the united states. he deflects it and he attacks romney admitting this is a botched statement, holding the egypt government responsible for something like this is absolutely something they need to do if they want to have continued cooperation from the united states. >> and i want to ask peter brooks, old friend, so hillary says today in her comment that we reject these acts, quote, unquote, we reject these actions, but the president says later we will bring to justice. how he's going do that, i don't know. we will bring them to justice, peter brooks. what the hell does that mean? would you please tell me because to me, he is more interested in promoting these muslim states running through the art than he is promoting american influence and leadership in that region. that's what's got me really bugged, peter. how is he going to bring them to justice? >> i certainly can't channel president obama. i'm not the right person to do that. what i hope he means here is that the government of libya does not bring these guys to justice that we're going to take action including military ac
CNBC
Sep 11, 2012 4:00pm EDT
've always expected people would get in the united states of america. that only comes from the private sector. that's where, i think, the romney approach, people will find to be the right one. >> this market has been rallying. of course, it seems to be working in obama's favor, even though it's probably has a lot more to do with the central bank and all of the easing out there than it does to the policies. is there any reason to believe that if this president is re-elected, then he moves to the center that, he does the policies that you're talking about that romney, of course, has been leading with? >> i think that's been my greatest disappointment, that we have not seen this government move more to a centerous approach to move the country forward. there were numerous opportunities to do that. i just don't think it aligns with where the president would like to take the country. there's one approach that says static pie, let's figure out how to split it up. that's the approach that's being taken. when they say we're all in this together, we're all in this together, but we're going to take from
CNBC
Sep 12, 2012 9:00am EDT
in the united states. some indexes they watch on a weekly basis have been lower recently and that will fuel a lot of talk about a bit of a slowdown. front-running the fed, guys, did you see what happened yesterday? i pointed out some of the biggest etfs in the high yield area. i'm talking about j&k had heavy volume and hitting new highs. why is that happening? a lot of people believe at the minimum the fed is going to extend forward guidance to keep interest rates low to at least 2015. all of that would be a big beneficiary to high-yield funds who are forcing people to go out on the yield curve. this is one simple way people are already anticipating exactly what the fmoc is going to be doing. back to you. >> terrific, bob. got to ask rick. looks like people sell bond, shift bonds to the dollar. rick is at cm group in chicago. >> thank you. i guess we should welcome europe to the same club the u.s. is in. lots of liquidity. maybe more liquidity coming. and a generally weak economy. welcome to the club. if you look at our charts, they pretty much reflect a lot of what central banking is doing
CNBC
Sep 14, 2012 6:00am EDT
mortgages and potentially other assets until we see unemployment improve in the united states, is that a good decision on his part? >> it's not my habit to comment on decisions of the sister institutions. i would only say that it demonstrates, also, that when you look at the advanced economy through the grade of the central banking, you see that we are all engaged in nonstandard measures. >> how worried are you about the fiscal cliff in the united states is this. >> i think it is part of course of the major issue that in the advanced world you have to cope with. >> but if it happens, does it bring on another recession in the united states? >> i'm sure that the u.s. leadership, whatever you have in the president discussion of course between the two major sensitivities, but a sense of the saw peer kror interests of the country will prevail. i'm absolutely confident in that. i don't trust that it is possible that the sense of the superior interests of the united states of america and by way of consequence of the entire of course advanced economy and by way of consequence the enti
CNBC
Sep 18, 2012 6:00am EDT
to us by the congress of the united states which represents the american people. >> what does that mean in terms of numbers? >> 2% growth. >> are we at two? kevin was very careful, he went 1.5 to 1.75. >> that's very precise. >> i want basis points. >> decimal points is silly stuff, come on, joe. >> i know. >> there is positive growth, it's just not robust and the key point, it's not enough to create the jobs we need in this country. now, i argue and i argue forcefully, i'll give a speech on this tomorrow night here in new york, the reason we have so much uncertainty is not just uncertainty about europe and uncertainty about the slowdown in china, these are important things. the real uncertainty stems from what are my taxes going to be? what kind of spending pattern also come out of the federal government, how do i deal with this explosion of regulatory morass we have coming out of washington. how do you budget whether you are exxon or a little bitty 20-person company, how does the woman who runs that company or the man who runs that company budget when they have no idea what their cost
CNBC
Sep 12, 2012 4:00pm EDT
about this today. >> the united states condemns in the strongest terms this outrageous and shocking attack. we're working with the government of libya to secure or diplomates. i've directed my administration to increase our security at diplomatic posts around the world. >> the attacks of libya and egypt underscore that the world remain aes dangerous place and that american leadership is still sorely needed. in the face of this violence, america cannot shrink from the responsibility to lead. leadership is necessary to ensure that events in the region don't spin out of control. >> all this happening as israeli prime minister benjamin netanyahu is using the strongest language to date about using force to stop iran from developing a nuclear weapon. this brings up the issue of making the u.s. less dependent on foreign oil. should we get off of middle eastern oil? chris, you first. all of this make you nervous about how much we depend on that region for our energy needs? what's the answer? >> well, you know, you look at saudi arabia providing 20% of the oil imports for this country. amer
CNBC
Sep 17, 2012 7:00pm EDT
lives are at stake and you know this, you don't go out and attack the president of the united states and say that he's somehow or another sympathizes with terrorists. that's how he lost it. if you handed that statement to ronald reagan, if you handed that statement to george bush or go, h.w. bush, i think they would have looked at you and said you know you have a new job in this campaign. why don't you answer the phones because it was ill-advised. it was a mistake. today they announced they are is going to have a whole bunch of specifics. they have ed gillespie on the phone and i think he's terrific. >> i think he lost the support of the liberal press and the liberal media which he never had anyway. >> dick, you would not have advised him to make that statement at that time in the middle the violence. >> how could you comment on what everybody in america was talking about. a president whose foreign policy is -- it was embarrassing. >> hang on. one at a time. >> the fact that it offended the liberal press probably -- >> it offended americans. >> it offended americans. president of the
CNBC
Sep 21, 2012 1:00pm EDT
able to read that the united states is not as prepared as it should be for this type of cyber attack. >> we're not anywhere where we need to be in terms of a country with respect to preparedness and ultimately in response. the head of cyber command, general keith alexander, i think put it best when asked to evaluate one to ten where the u.s. capability is. he put it at a three. obviously this is not a very good position to be in, especially when you have a number of actors out there. china and russia are very active in terms of computer network exploit. that's espionage in cyberspace. they're increasingly integrating cyber warfare into their military planning and war fighting capabilities. these are all issues we need to take very seriously and we need to enhance our own defensive capabilities as well as invest on the offensive side as we will never firewall our way out of the problem. initiative resides with the attacker. >> is it a money issue? is it an investment of money issue in the infrastructure to combat this kind of crime? or is there something else that the united states sh
CNBC
Sep 23, 2012 7:30pm EDT
different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. >>> is your money safe in a question that is top of mind for almost every investor out there today. can the agency charged with watching the markets keep up with faster and newer technology? do they have enough weapons to fight fraud? mary shapiro, chairman of the securities and exchange commission. she joins me now for a rare interview. mrs. chairman, it's great to have you on the program. thanks for joining us. >> thank you, a pleasure to be here. >> i
CNBC
Sep 17, 2012 9:00am EDT
the united states does not talk about trickle-up economics, take that 80%, educate them, make them pay taxes, and stop charging the top 5% more and more for what they create. why is that conversation not happening here? >> well, that's part of why inet, the institute for new economic thinking, was founded. james heckman at university of chicago and nobel prize-winning economist and i are working on a major program. we have 179 people worldwide on early-age human capital, early-age education which includes public health. >> you just have to put more resources into the education system to make it work. >> and better allocation of incentives, absolutely right. you're talking about a national tragedy. >> the word "resources" is loaded especially this week when we've got chicago teachers facing a potential injunction. >> yes. >> overturning citizens united, right, is not going to -- is not going to pacify what's happening outside. >> mm-hmm. >> neither is paying teachers more or giving them a shorter school year. right? >> i think if you paid teachers more, say relative to other professions, you
CNBC
Sep 27, 2012 7:00pm EDT
leaders who are signaling they're coming to the united states to the u.n. general assembly and they express the desire through their ambassadors to the state department they want to meet with the president. and those options are then put before the national security adviser, and he decides whether or not to make any recommendation to the president on who to meet. well, it's quite clear that either he didn't make any -- either he made recommendations that there's no reason to meet with anybody, or he did make recommendations and the president said, in a, i don i d want to meet them, i'll give a speech and then get to ohio. >> just to follow up on this, i'm thinking of the netanyahu story with israel and iran. one of the key issues, we had professor from harvard law school is whether the united states will truly decisively back up netanyahu and israel militarily. now, with all respect to hillary clinton who is doing a fine job on this stuffy imagine, it's only the president who can make a statement like that.imagine, y the president who can make a statement like that. only th
CNBC
Sep 6, 2012 11:00pm EDT
of the greatest nation on earth. thank you. god bless you. and god bless these united states. >> the president wrapping up his acceptance speech for the nomination for president of the united states. democratic party. in charlotte, north carolina. can be described, perhaps, as a more subdued speech than the one that he gave at his initial convention four years ago. still touching on topics that are very popular. among his base. you had the tax issue, you had the issues of education. there were references to the automobile bailout. but still, john harwood who's with us, and larry kudlow still with us, and we have more guests coming in in a moment. there were parts that were surprising at times. opening up more land for natural gas drilling. we talk about tax reform. we talk about defense and strong on foreign policy. larry kudlow, did you feel this was a more centrist speech than you expected? >> no, not particularly. i mean, he said he was looking at the principles of bowles/simpson and simpson/bowles that those principles included pro growth tax reform across the board, getting rid of the ded
CNBC
Sep 19, 2012 4:00pm EDT
to happen in the united states? people just want certainty, particularly at a time like this when china is in a recession. >> that is exactly what i'm talking about in my observation coming up. people are not going to add heads to the payroll if you don't know what your tax bill is going to look like. >> no way. you're kidding yourself. >> it's on congress, then. we need fiscal policy. >> we need leadership. we need a marshall plan. we need a grand plan that first starts with today's reality before you try to go to tomorrow. >> what do you think about the election? do you think the election changes this? does that bring us clarity? >> well, that's a tough one. i mean, it's not sure. because the people that running for office, are they going to actually operate, or is it just going to be what they do with a speech, right? what really counts is not the speech but what you do in between the speech. >> the truth is, we may not get the clarity because they're not dealing with the issues like the fiscal cliff until after the election. so we won't know tax rates. we won't know the regulatory e
CNBC
Sep 24, 2012 3:00pm EDT
renaissance. we're gaining market share here in the united states and the riots in china over the weekend support our notion that in the future do you want to put manufacturing facilities overseas or in the united states? this weekend is why you want to put them in the united states. >> peter, tell me what the market right now is saying to you. it would seem to me that since bernanke came out a week or so ago with the announcement of qe3 that the market has kind of moved back a little bit. we've had a few sort of down days as though the market were saying, he gave us what we expected and now it's time to get a little smart. >> it's time to get smart. the earning season could be choppy. i think a lot of people are waiting for that. actually, that's a smart move. don't think you'll see much in the next probably three weeks that will motivate anybody in either direction very seriously. i would like to say i'm a little more positive about it. i think i might be in the minority on this, but i do think we'll probably see some surprises -- >> you got the earnings season right up against the elec
CNBC
Sep 20, 2012 1:00pm EDT
sales net revenue saving up to $4.5 billion in taxes on goods sold in the united states. we talked to microsoft. here's what they told us. they say, microsoft has a complex business and we must comply with the complicated tax code of the united states, resulting in an exceedingly complex tax structure. second company in the crosshairs here today is going to be hewlett-packa hewlett-packard. the senate committee saying since at least 2008, hp has used billions of dollars of intercompany offshore loans to effectively repatriate untaxed foreign profits back to the united states to run u.s. operations. that's contrary to the intent of u.s. tax policy. we talked to hewlett-packard. here's what they told us. they say, hp has complied fully with all applicable provisions of the u.s. internal revenue code and auditor ernst and young has audited. we'll learn more about what this is up committee found in about a half-hour. >>> the committee on banking, housing and urban affairs, subcommittee on securities, insurance and investment is holding a hearing on high-frequency trading and they are t
CNBC
Sep 18, 2012 1:00pm EDT
these great products. now, having said that the expansion of the united states is very slow. we are down to 1 1/2 to 2% of gdp expansion. that is, like phil and i talked many time, the lowest, slowest expansion we have ever had following a deep recession. clearly, one of the worst recessions we have ever been in. we are very pleased that we are recovering in the automobile industry and in ford's care the pent-up demand is incredible. the average age, phil, is like 11 years old now. these new vehicles you can get from ford, you can economically replace your older vehicle. so we are so just gratified that we invested during the toughest time and we have the products now to help lead this economic recovery but it is a slower recovery than we have had in the past, for sure. >> so what did you say? i don't mean to beat this into the ground, yes or no? is america in better shape now than it was four years ago? >> clearly not in the deep recession that we were and we are starting to recover. so, this is a very positive thing. the thing i like about the debate is what can we do to increase the rate o
CNBC
Sep 18, 2012 4:00am EDT
this year particularly in the united states and i think we were due for it a bit of a correction. but overall the story has been one of tail risks and tail valuations. the relative valuations of stocks and bonds are extreme around the developed world and as central banks have moved in and removed some of the tail risks, as that has happened i think markets are a subdued global economy, because more global economy. >> well, oil certainly has gotten focus in the wake of the fed's move on qe infinity. is it your view that prices have further room to run if stocks do as well? i know you're sort of a little cautious on the macro picture here. but macro might not matter if there's more support from the central bank. >> i don't think that oil prices will get pushed up by the global economy that much the question is whether there be a coordinated attack on the nuclear iranian facilities. if that happens and disrupts oil supplies, that could obviously push oil prices much higher. so i think there is a certain amount of sort of middle east tension risk built into oil prices. hard to disent
CNBC
Sep 14, 2012 9:00am EDT
percentage of its revenues come from outside the united states and this is a smaller market cap as a spinoff so it was a logical replacement. >> i will see you first, don't buy united health. there's very little money. my hands are different color from my face. what does that mean? there's makeup. >> the dow jones industrial average, the price pointed index which should have absolutely no meaning but they have to keep doing it that way because that's the way they started. everybody follows the s&p but we talk about the dow jones because that's what you hear about on the radio. >> this is the opportunity for the dow to go higher. kraft very levered to commodity costs. particularly we know that the big inflationary trend is food. okay? and they're a huge buyer of all of these commodities. united health, very little commodity costs so you get kind of an inflation break that deals with ben's pro-inflation strategy yesterday. >> this is the first change to the dow jones industrial average since 2009. just to your point that nobody follows the dow jones industrial average, how much money is actual
CNBC
Sep 20, 2012 7:00pm EDT
the west and the united states and it's interests. >> all this flag burning, american flag burning, which burns me up, probably burns you up just as much if not more. should been united states retaliate in some way for this flag burning? >> well t short answer is, it's more important than just defending the flag, it's defending our interests and our national requirements in that region. we have got to get engaged. we have got to get reengaged because if we don't, we're going to see more and more of this. >> many thanks, general mark kimet stayed up late for us in germany. i'm larry kudlow, we will see you tomorrow night. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. the s
CNBC
Sep 6, 2012 7:00pm EDT
deficits in the history of the united states. four deficits in excess of a trillion dollars each so that more than a third of all the debt ever run up in the 236-year history of the united states, more than a third of it was under barack obama's presidency in the last three and a half years. who's going to pay off the debt? our children and a grandchildren. that's who is going to pay it off. that's where romney and paul ryan are calling for a growth agenda where we can start creating jobs in this country and not have economic growth of 1.7%, under 2% and a federal reserve board that believes we'll be in this shape for two years. that's why they say they will keep interest rates for another two years. >> you heard him talk about the debt created under president obama when the country was going off a fiscal cliff and the banks were seizing up. he never referenced the 5 trillion in debt generated under george bush while he was governor. he never referenced the two wars we didn't pay for. george bush was the first president in the history of the union to go to war and give people a tax
CNBC
Sep 7, 2012 9:00am EDT
that word, the auto industry of the united states at that time? >> it sounds like rhetoric. but -- and it is rhetoric, i guess, because it's words. but i think they're actually factual words. president bush and hank paulson agree because they were the first ones to provide capital to the auto industry. if the government had not stepped in, these companies would have had to literally shut their doors, they would have run out of cash, had to lay off their workers. the suppliers would have gone down. ford would have gone down. the industry would have shut down. whether it would have ultimately liquidated would depend on what would have happened after that. >> that is not the case. and in fact we got some very strong numbers earlier this week. are you surprised at the strength of auto sales at this point? >> no, i'm not surprised because you need to sell 15 million cars a year in this country simply to keep the fleet from aging. and we have not done that now for over four years. this is unprecedented in american history. so you have a huge amount of pent-up demand for cars beca
CNBC
Sep 20, 2012 6:00am EDT
quickly and when. >> the united states has not had a current the account surplus since 1991. if we were on the gold standard, we just might not have anymore gold left. >> didn't we pass that so long ago? >> the dollar is not a weak currency. the dollar probably needs to be weaker in order to be more competitive, but you can't say that about every currency in the world. certainly in japan the currency has gotten too strong and you now they have the additional problems because of all of the riots going on, the conflict in china over these islands. and that's going to hurt japan again. so japan needs more than just a currency fix. the united states i think you can argue the currency is overvalued in a more fundamental way, but japan has lots of problems. >> do you play currencies? good >> only through companies listed in the u.s. we're not hedging. >> not hedges because -- >> because if we knew where currencies have gone, you'd be the smartest person around. the euro goes to 1.30 -- so it's hard. you have to get fundamentals right and then currency will take care of it. >> what's the diffe
CNBC
Sep 21, 2012 6:00am EDT
of a significant downturn in the united states economy. >> so if you have a downturn, there's a possibility that you don't have that right mix and that you could have a downturn. the odds of that are comparatively low but i worry about it because it's significant possibility. i described it as though, imagine you're on an airplane that's flying from here to los angeles, you're probably going to get there okay but if you hit an air pocket and meaning if the economy goes down, there's not an easy way to reverse it. monetary policy is less effective because when you buy a bond, when the federal reserve makes a purchase, that has the effect of giving money to somebody who won't put that money into something like that bond. and that money does not easily go to people who spend it, that's a balance between monetary and fiscal policy and i worry about the policymakers getting that balance right. that's a possibility and a scary possibility. other than that, i think the most likely situation is we will fly successfully from here to los angeles essentially but we have longer risks. you need a balanc
CNBC
Sep 24, 2012 6:00am EDT
the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. there's natural gas under my town. it's a game changer. ♪ it means cleaner, cheaper american-made energy. but we've got to be careful how we get it. design the wells to be safe. thousands of jobs. use the most advanced technology to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ for the spender who needs a little help saving. for adding "& sons." for the dreamer, planning an early escape. for the mother of the bride. for whoever you are, for whatever you're trying to achieve, pnc has technology, guidance, and over 150 years of experience to help you get there. ♪ >>> "squawk box" keeping our eyes on the prize, its eight a "squawk" oil summit. the smartest minds in the industry. >>> safeguarding your online reputation. the founde
CNBC
Sep 27, 2012 6:00am EDT
a stake in and it's tesla here in the united states. they're coming out and saying that they're developing plans, they'll have to slow things down, not going as quickly as originally thought. any concerns about the demand in the future for the electric car given your investment in tesla? >> i think the oem is never in a hype mode as some of the media was as far as electric cars are concerned. this transition will happen. it's a long transition. we're very very beginning. we'll see customers, but of course so far it's a niche and will take time to develop. we will continue to pioneer this market and in 10 or 20 year, electric cars will play a significant role. >> doctor, thank you for joining us live from the paris auto show. joe, becky, andrew, it does not lk like there's a bottom. we're hearing from ceos and they are not seeing a bottom yet. are you looking out at 2015, 2016 before the auto industry can say, okay, at least we see a base here. >> bad news add to go a pile of bad news we've heard recently. phil, thank you very much. and we do want to have you back here soon to talk to us mo
CNBC
Sep 27, 2012 9:00am EDT
. but here in the united states, with respect to the rally, i'm getting a large number of questions. we're getting a large number of questions about whether or not the stimulus boost from federal reserve easing is what it used to be, so to speak. i would remind people take a look at the last couple of instances, we've had similar measures. we've had similar instances of people wondering whether the fed was -- if i had $1 for every time we talked about the fed being out of bullets, i'd have lots of dollars. and we're going through that again. >> they would all be worth less. >> the previous dollar, yes. >> less than maybe ten years ago. not necessarily less than five years ago. >> shame on you for that populist comment there that you should be cutting taxes in europe. at what point do you think the spanish are going to cut taxes given the situation that they're in? shame on you for appealing to your republican base in such a shameless way. >> btig's clients would be interested to know that i had a republican base, but listen. at the end of the day, there isn't a sort of a one-size-fits-a
CNBC
Sep 28, 2012 7:00pm EDT
. it is ludicrous. it's a lie and the president of the united states needs to come before the american people and explain to them what did he know? when did he know it? and why has he and senior officials been lying. >> is jack jacobs here. welcome. i want to bring you in. we have been talking about this whole situation. it looks, to me, like this was a major security breakdown. the intelligence people told them that this was with a pre-planned al qaeda terrorist attack within 24 hours of the awful killing of our ambassador and the other people with them. and the white house denied and denied it and are still denying it and i say susan rice should be fired. she should resign and i'm asking jack, up the chain of command, what is hillary clinton's role and what is president obama's role? >> well, let me tell you, everybody is responsible for everything that happens in his unit or fails to happen. the state department has a great deal to answer for. there's no doubt in my military mind this was a pre-planned attack. if you look at it as a small unit operation, they had mortars that they shot, co
CNBC
Sep 7, 2012 1:00pm EDT
assure you if i'm president of the united states i'll stop the divisiveness and do everything in my power to unite the american people! >> we'll break away from governor romney as he talks about this morning's jobs report a few moments ago. if you were with us, you saw the president in new hampshire speaking to his supporters. governor romney's saying that the unemployment picture at the current point is a national tragedy. emphasizing that unemployment has been above 8% now for some 40-odd consecutive months. sue, what we hear here are two candidates, president obama in effect saying i think the jobs numbers were very poor, not happy with them. >> exactly. >> i need congress to help me do something about it, laying some of the blame and maybe much of the blame on the opposing party and mr. romney saying by contrast the buck stops in the oval office. >> i can tell you, ty, the chatter down here has to do with congress, as well. everybody down here knows it's a tight race. that's why as bob mentioned they're watching the in-trade percentages move but regardless of who takes the white house
CNBC
Sep 18, 2012 9:00am EDT
been made of their failure to invest and promote the pepsi brand for soda within the united states. how relevant now is the home market for investors when, for example, coke is suggesting they will invest $30 billion over the next two or three years with the bot lers to double consumption around the world? >> it's a great question. so there's been a terrific change of heart at pepsi. this year about $600 million of advertising spending behind the businesses, the bulk of that is going to happen in north america. you probably just saw they sign add deal with the nfl. clearly they feel the pressure and want to start growing some of their businesses here at home again. >> and how does that compare to mao tau kent and the mass everybody bottlers worldwide. >> remember, coke bought their bottle in the u.s. so they have a lot more skin in the game. the good die naming here on the beverage side is guys are kind of getting along and playing nicely for the first time in a while. i think they want to make more money. they're cognizant of the economic. they're making the pack sizes smaller and lift
CNBC
Sep 21, 2012 9:00am EDT
's happening in the united states. >> certainly that's going to bring down the large indices and i just wonder if you think in the fourth quarter there will be a put from central banks or from hedge fund managers that have to play catchup or could we look at the last three months last year? >> central banks are obviously very powerful. you know the old saying, don't fight the fed. you have to be very careful. but as you stretch out the time rise and what you find historically is there is no relationship between liquidity and stock market movement. but i think what's much more important is your original question, if the profit cycle continues to decelerate, i think that's what people want to think about and that's what people want to position their portfolios for. i still think personally that you want to look at more defensive sectors which i think are less prone to have these big earnings disappointments right now. >> rich, can you put together these two knows in the market that you want to be in more dmfticily oriented companies and also this other thought in the market that you want to be i
CNBC
Sep 21, 2012 7:00pm EDT
of the united states, but is that enough 46 days before the election? also tonight, so the president says he has come to learn that you can't change washington from the inside. reminder that he ran in 2008 as an outsider, pitching change against senator john mccain. learn learned, what else has the president learned in his three years in office? the markets closed flat for the day mostly, and flat for the week. tonight we're getting hard numbers on what falling off the fiscal cliff could mean and what it could cost the markets, 20%, at the very least. so how is congress going about it? earlier today the house went into recess until after the election and the senate wraps up tonight and we'll look at washington at work or not, but first up, after months of resisting and saying he's done what's required, mitt romney put out a friday surprise and released his 2011 tax return and nbc's john harwood joins us. >> reporter: good evening, joe. mitt romney promised when he released preliminary estimates that he would release these returns before the election and now he's done it. he actually reported les
CNBC
Sep 24, 2012 7:00pm EDT
a bipartisan consensus in the united states for many years that the u.s. and israel are the closest of allies, that we have to tackle problems in the middle east together. it's why you see legislation passing the united states senate 99-0 when it comes to confronting iran's nuclear ambitions and supporting -- supporting our closest ally israel, so it's a very strange position for him. it's really out of -- really out of sync with a broad bipartisan consensus in this country. >> jeb, let me go to you. i want to go back to libya and benghazi and that whole story. front page "new york times." we lost most of our intelligence assets because of this snafu, because of this mistake. the cia lost a lot of intelligence assets. we may be wiped out. now, again, president obama in the "60 minutes" last night could not get himself to say that this was premeditated, that this was a terrorist plot. he's still hanging on to the video story which, as you know, is a falsehood. i call it a lie. i believe ambassador, u.n. ambassador susan rice, should have been made to resign, or she should have taken the honora
CNBC
Sep 5, 2012 7:00pm EDT
. that's what they don't get. >> it seems like europe, the united states and china are all on the cusp of recession. it seems like it. >> they are doing terribly. you see it with manufacturing numbers in particular have been terrible. >> in all three areas. >> you started to see the credit default swaps. that level is higher than it was. they perceive more risk with corporate bonds. >> some positives. auto sales are good. housing, certainly coming off the bottom a little bit. consumer income and spending, not so much. >> you see things where interest rates have a huge impact. they are extremely low. we have seen positive bumps there. in terms of hiring, we now have almost one in seven americans on food stamps. that's not where you should be in the third year of recovery. >> you are also a sports expert with your great show on the yes network. the football season kicks off tonight. my giants host the dallas cowboys. which team is worth the most? >> cowboys, easy. $2.1 billion, worth more than any toeam in the u.s. jones is a marketing genius. the cowboys get $80 million in stadium spons
CNBC
Sep 14, 2012 1:00pm EDT
. in lebanon, a kfc restaurant has been attacked. angry mobs also protesting against the united states in that country. things are especially tense in lebanon today, and that is because the pope has arrived for a regularly scheduled visit. in about an hour as well, president obama will receive the caskets carrying the four americans who were killed in libya earlier this week. he will be at andrews air force base, and we will carry that live for u as is always the case, when there is serious violence in the irish world, we have to look at oil. right now west texas intermediate is up .5% at 98.71, and brent crude is up about one-third of a percent at $116.32. >> after quite a busy start to the year, there hasn't been an initial public offering in the united states since august 16th. that was 29 days ago. that is about to change big time. kayla is looking ahead to a deluge of deals next week. >> there certainly is a busy backlog coming to the fore of the ipo market next week. seven companies are set to hit the market, and it's long overdue activity for sure. it is a cross-section of indus
CNBC
Sep 14, 2012 7:00pm EDT
service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. >>> just minutes ago an activist judge struck down wisconsin's collective bargaining law saying it's unconstitutional on the state and federal level. this was governor scott walker's prime achievement for which he was re-elected on a recall vote. so here to break it down for us, cnbc contributor robert costa of "the national review." is this some dumb ass left-wing judge who is try to stop the recall election where walker had an even bigger plurality than he did the firs
CNBC
Sep 25, 2012 7:00pm EDT
where he talked about how he would handle foreign policy. he said he would handle the way the united states handles foreign aid. >> a temporary aid package can give the economy a boost and employ people for a time but it can't sustain a economy for a long-term. it can't pull the cart. at some point the money runs out. both candidates for president appearing before former clinton. making a joke there. solary, a big day of foreign policy in new york today. >> i saw a bit of this. mit romney's idea that he want to leverage u.s. aid through private corporations to underdeveloped countries. but we already have the xm bank. a lot of people see that as more corporate welfare. was mitt romney giving us more corporate welfare? >> what he wants to have is a more sophisticated partnership. he doesn't want to be writing checks to the foreign governments. he wants a more sophisticated interplay. that was where he was going with this. but he cited the initiative as the model that he would like to pursue. he said what bill clinton has done is a model for how far rin policy can go. many thanks. >> l
CNBC
Sep 19, 2012 9:00am EDT
some growth and the country is the united states. >> and we don't have the demographic. >> no, we don't. where they are selling more adult diapers than baby diapers. >> kimberly-clark. >> the aging of this country will accelerate. >> we're selling fewer baby diapers, let's be clear. there are fewer babies being born. >> right. it's a declining population as well to a certain extent and the dramatic age -- >> right. i think that our household formation was a cyclical decline related to the recession. i wouldn't be sur poised if the 1.85 children per house, i find it hard to reconcile that. it goes back to two and we see a gradual choice in housing. people were living with their mother-in-laws, and i had that experience. it's tentative. >> now you're in your car, you weren't living with your mother-in-law, you were in your car. >> live inning my car with a couple of kids and it wasn't -- an suv, that would have been an svu situation. reverse the letters. >> if everyone is debasing their currency, is anyone debasing their currency? >> that's a great question. >> a race to the bottom. >>
CNBC
Sep 26, 2012 1:00pm EDT
be linked to inflation. just like here in the united states social security rises automatically if there is an increase in inflation. that happens in spain as well. they are talking about eliminating that. the european union woversiton w that. rajoy didn't say it today. >> thank you both. here now to talk about how the market is being impacted, joe tanius, the global market strategist from jpmorgan asset management, joins me now. is it remarkable that we are not seeing more vehement reaction in the equity side of things to the visuals we are seeing from greece and spain? >> right. i think if you take a step back, think about europe, we continue to take two steps forward and one step back. at the end of the day the ecb providing support and announcing the program is really a game-changing event. you are eliminating some extreme tail risk but at the end of the day clearly the anti-austerity movements are getting louder, causing unrest. >> what does it do for interest rates at home? we saw a reaction in the currency markets with the euro moving smartly on the day and also our bond
CNBC
Sep 19, 2012 7:00pm EDT
are rebelled against it, they blame the united states for japan, i guess japan's trying to take a couple of islands someplace. but you're saying, this avm missile, we help them, we're being blamed for that, is that what you're saying? >> basically when the chinese see the u.s. and japan thickening up our military cooperation, in this case, in an anti-ballistic missile system, they see it as some kind of act against the chinese. it's not about the chinese, it's about the north korea missile and nuclear program which has the japanese very worried. we want to work with the japanese, we don't want the japanese to go off on their own and develop their own systems, so we're working with them. but the chinese think it's about them. i really have to emphasize what's going on in china today is not about the u.s., it's about japan. >> secretary of defense panetta is trying to negotiate a new military treaty with china. last time i covered this story, secretary of defense bob gates was in china and they were flying these supersonic jets, these new fighter jets over his head, which was really a stor
CNBC
Sep 26, 2012 6:00am EDT
's take a look at the broader picture. again, the futures here in the united states look a little better after what was a pretty lousy day yesterday. i think it was the worst day for dow in the entire month of december. it was the worst day for the nasdaq in two months and it was the worst day for the s&p in throe months. oil prices continued to push lower and they do once again this morning. they're down another 64 cents to $90 and change. that's been the one bright spot that's been helping out things like the transports, but again, yesterday, every single one of these sectors is down. yesterday we saw a dip below 1.7%. let's call up the dollar board right now. you'll see what happened with these. dollar is a little stronger against the euro, but that's not saying a whole lot. 1.2865. we're also taking a look at the yen. never mind, i lost it there. gold prices are barely budging, 17.66. >> plasser said something yesterday -- >> he said it's not going to help. >> he said he didn't agree with it, it's not going to help and it's going to be hard to get out. >> right. raise the risks. >> j
CNBC
Sep 26, 2012 9:00am EDT
there and are you independent of what happens in the united states as a bank? >> yes, we are focused on the market. even though we have a bank operation, and asset management business, too. and insurance, too. retail banking is the most important at the moment. >> your parent company, santander, still owns 75% of you. it's a bank that needs money, that's why you're going through the ipo. how do i know as an investor that santander won't flood the market with further stock going down the line? >> well, santander has a strategy, a list of different banks in the local markets. to have more community with the markets. and even though we have that company, santander is doing great in retail banking. decisions that are better for the mexican market. >> can you prevent them from selling the other 75% of your bank on the market? >> yeah, they have decided to sell a part because mexico is a very good investment for the group and is one of the main sources of profit and is good for the group. >> before we let you go, mexico's been through many, many debt crises. what is their view of how europe is handling
CNBC
Sep 6, 2012 3:00pm EDT
in the united states on food assistants? that's staggering. we have not produced a single net new job. there is a bridge that has to be gapped, and ceos want to see what plan and the path is. >> the fiscal cliff has a lot of ceos concerned, what about you? >> i think that's the number one concern. it's a 3% hit to incomes in gdp terms, and the economy only grows 2%. if that happens, and we won't know until after the election, it will wipe out job creation until next year. we're hoping and thinking it gets fixed, but we have to see the election and get into december. >> more things to worry about and think about in the meantime. >> pretty sobers. >> 37 minutes until the closing bell. the nasdaq is higher by 61. >> that is a four.5 year high for the s&p 500, is there more room to run? should you take profits? >>> new claims, president obama and john boehner had a massive blow up over the collapse of the debt deal last year. we're talking about a tirade from the president, can they possibly work together to fix our debt situation if both remain in power after november. >>> and don't mist
CNBC
Sep 8, 2012 4:00am EDT
the united states. why will the second half be better? one of our competitors was taken off the market by an injunction. we are now regaining market share, er go, year over year, we should do better in market growth. 82% market share again in july. then the other driver, of course, is therapeutic as you said during your intro. and there we have migraine picking up steadily and also neurogenic bladder coming behind that. >> we spent a lot of time on migraine. i'm starting to see the ads. the ads obviously -- all these medical ads make it sound like you don't want to take the product. they have a million warnings. but are those ads driving people to the 1,000-some migraine specialists that you have trained? >> yes, of course, we have both in print branded ads and unbranded ads which talk about the disease awareness about chronic migraine. and in fact, we have tv ads unbranded as well. of course, in a little way we could say there is a little bit of google maybe hidden in allergan as well because, of course, we can monitor exactly how many people click on the site and then how many people
CNBC
Sep 19, 2012 6:00am EDT
're seeing through the lens. how are things both in the united states and europe. >> and china? >> let's talk about the u.s. in almost every business, there are pockets of real success. let's take, for example, the enormous burst in rental housing. the command for rental housing is incredible. so we're in the home supply business. we do cabinet doors, home depot, supply, we do vanities and things like that. we sell vanity kits as fast as you possibly make to landlocked and multifamily housing who put these things in. we charge $500, they increase the rent $100 a month, the pay back is in months, and the game is on. people are renovating rental places and motels and hotels because they're occupied. three years ago they were taking a room in a motel, tearing it apart, bringing the fixture over and fixing the other room that was leaking. now they're renovating those things. so the home rental idea is moving strongly. you take the marcellus fields, we can't get pipe up there fast enough. we can't get pre-fab buildings up there fast enough. i mean, i'm not talking marcellus, i'm talking north dako
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